-
6 days ago | 
jdsupra.com | Jason Cover |Mark J. Furletti |Ethan G. Ostroff
The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending (Regulation Z). This decision aligns with the CFPB’s broader strategic adjustments outlined last month, and discussed here, which emphasize focusing resources on more pressing consumer threats, particularly those affecting servicemen, veterans, and small businesses.
-
1 month ago | 
openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Joseph Reilly |Caleb Rosenberg
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
-
1 month ago | 
jdsupra.com | Jason Cover |Mark J. Furletti |Joseph Reilly
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
-
Feb 5, 2025 | 
jdsupra.com | David Anthony |Mark J. Furletti |Stefanie Jackman
On February 4, Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation aimed at immediately capping credit card interest rates at 10% for a period of five years. This initiative follows a recent Forbes report indicating that the average credit card interest rate stands at 28.6%. According to Senators Sanders’ press release, American households collectively hold a record-breaking $1.17 trillion in credit card debt.
-
Feb 3, 2025 | 
jdsupra.com | Jason Cover |Mark J. Furletti |Taylor Gess
On January 10, the Alaska Legislature introduced Senate Bill 39 that aims to amend the state’s Small Loan Act. This proposed legislation seeks to implement significant changes, including the introduction of a predominant economic interest test, the repeal of Alaska’s payday loan law, and amending the maximum interest rate that can be charged on loans up to $25,000. Key Provisions of the Bill Predominant Economic Interest Test.
-
Jan 23, 2025 | 
jdsupra.com | Keith Barnett |Jason Cover |Mark J. Furletti
As part of a flurry of last minute regulatory activity by the Biden administration’s Consumer Financial Protection Bureau (CFPB or Bureau), on January 15, the CFPB published an advisory opinion in the Federal Register rescinding a previous advisory opinion which the Bureau issued during the first Trump administration in November 2020.
-
Jan 23, 2025 | 
insidearm.com | Jason Cover |Mark J. Furletti |Stefanie Jackman |James Kim
As the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates a shift in its leadership with the incoming administration of President Trump, the Bureau has released a report titled “Strengthening State-Level Consumer Protections.” This report appears to be a strategic move by the CFPB to influence state-level consumer protection laws before the anticipated shift in federal regulatory policy, and the Bureau’s recommendations appear to be items that would need to be the subject of...
-
Jan 16, 2025 | 
jdsupra.com | Jason Cover |Mark J. Furletti |Stefanie Jackman
As the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates a shift in its leadership with the incoming administration of President Trump, the Bureau has released a report titled “Strengthening State-Level Consumer Protections.” This report appears to be a strategic move by the CFPB to influence state-level consumer protection laws before the anticipated shift in federal regulatory policy, and the Bureau’s recommendations appear to be items that would need to be the subject of...
-
Jan 15, 2025 | 
jdsupra.com | Jason Cover |Mark J. Furletti |Chris Willis
On January 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report providing its analysis of the growth and impact of Buy Now, Pay Later (BNPL) loans in the United States since 2019. BNPL loans, typically zero-interest loans repaid in four or fewer installments, have not been widely reported to nationwide consumer reporting companies, creating a lack of data, according to the CFPB.
-
Jan 15, 2025 | 
jdsupra.com | Christopher J. Capurso |Jason Cover |Mark J. Furletti
The Consumer Financial Protection Bureau (CFPB or Bureau) proposed a new rule aimed at banning certain contractual provisions in agreements for consumer financial products or services. The CFPB’s proposal targets certain terms and conditions sometimes found in so-called contracts of adhesion or standard-form contracts, including waivers of legal rights and protections, contract terms that limit free expression, and other terms that the CFPB believes undermine consumers’ rights and protections.
